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HUD July Housing Scorecard

On August 12, the U.S. Department of Housing and Urban Development (HUD) released an update titled Obama Administration Releases July Housing Scorecard.

HUD RELEASES JULY HOUSING SCORECARD

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) today released the July edition of the Obama Administration’s Housing Scorecard—a comprehensive report on the nation’s housing market. The latest data show progress among key indicators, including rebound in the sale of existing homes and the continuing downward trend of foreclosure starts and completions. This month’s Housing Scorecard also features a spotlight on the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metropolitan Statistical Area (Philadelphia MSA). While this scorecard notes positive overall trends in the housing market, officials caution that more work needs to be done as the economy recovers from the Great Recession. The full Housing Scorecard is available online.

“The market indicators for the housing market recovery were mixed in July as foreclosure filings continue to improve, but home sales, particularly for new homes, showed unexpected weakness,” said HUD Assistant Secretary for Policy Development and Research Katherine O’Regan. “Home prices, while still increasing, are doing so at slower rates.  Indications are that continued improvements in the economy, such as the July employment report which marked the sixth straight month that more than 200,000 jobs have been added, along with slowly easing mortgage credit, will keep the U.S. housing market on the path to recovery.”

The July Housing Scorecard features key data on the health of the housing market and the impact of the Administration’s foreclosure prevention programs, including:

  • Sales of previously owned (existing) homes rose for the third consecutive month in June after a lackluster performance in the previous two quarters. The National Association of Realtors® (NAR) reported that existing homes—including single-family homes, townhomes, condominiums, and cooperatives—sold at a pace of 5.04 million (SAAR) in June, up 2.6 percent from May but remain 2.3 percent below the 5.16 million pace a year earlier. Sales are at their highest pace since October 2013 (5.13 million).
  • Foreclosure starts and completions continue their downward trend. Lenders started the public foreclosure process on 47,243 U.S. properties in June, down 4 percent from the previous month and down 18 percent from one year ago to the lowest level since November 2005—more than an 8½ year low.  Lenders completed the foreclosure process (bank repossessions or REOs) on 26,889 U.S. properties in June, down 5 percent from the previous month and down 24 percent from one year ago to the lowest level since June 2007—a 7 year low. (Note however that foreclosure starts and completions were up from a year ago in about 15 states).
  • House prices appreciate in May while year-over-year gains continue to slow. The Federal Housing Finance Agency (FHFA) seasonally adjusted purchase-only house price index showed home values appreciated by 0.4 percent over the prior month and 5.5-percent over the previous year, marking the fifth straight month of more modest annual growth in home prices. The FHFA index shows that U.S. home values are on par with prices in mid-2005.The S&P/Case-Shiller 20-City Home Price Index (not seasonally adjusted) posted month-over-month returns for May of 1.1 percent and gains of 9.3 percent over the past 12 months. The Case-Shiller index shows annual rates of gain in home prices slowing over the last six months; home values are at September-2004 levels. (The Case-Shiller and FHFA price indices are released with a two-month lag.)
  • Sales of new homes fell in June and sales in May were revised sharply downward. New home sales declined 8.1 percent to a seasonally adjusted annual rate (SAAR) of 406,000 in June, following sales of 442,000 in May that were 12.3 percent lower than estimated last month. Sales were at their lowest level since March and down 11.5 percent from one year ago. The weakness in sales reflects strict bank lending standards, less favorable housing affordability, and low inventory. (Source:  HUD and Census Bureau).
  • The Administration’s foreclosure mitigation programs continue to provide relief for millions of homeowners as the recovery from the housing crisis continues. In all, more than 8.5 million mortgage modification and other forms of mortgage assistance arrangements were completed between April 2009 and the end of June 2014.  Nearly 2.1 million homeowner assistance actions have taken place through the Making Home Affordable Program, including nearly 1.4 million permanent modifications through the Home Affordable Modification Program (HAMP), while the Federal Housing Administration (FHA) has offered more than 2.3 million loss mitigation and early delinquency interventions through June. The Administration’s programs continue to encourage improved standards and processes in the industry, with HOPE Now lenders offering families and individuals more than 4.1 million proprietary modifications through May (HOPE Now data are reported with a 2-month lag).

This month’s Housing Scorecard also features a regional spotlight on market strength in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metropolitan Statistical Area (Philadelphia MSA).Like many areas across the country, the economic and housing market conditions in the Philadelphia area are improving, but the housing crisis and peak of foreclosures hit this area later than the rest of the country and the subsequent recovery has been progressing more slowly. The Administration’s broad approach to stabilize the housing market has been provided help to homeowners throughout the Philadelphia MSA.

  • The housing market in Philadelphia MSA is showing important signs of improvement. As with similar areas along the East Coast, the initial downturn from the foreclosure crisis in the Philadelphia MSA was less severe than in some areas of the nation but the recovery from the crisis and subsequent recession has been slower. The share of mortgages at risk of foreclosure (those 90 or more days delinquent or in the foreclosure process) did not peak in Philadelphia until the beginning of 2013–three years later than for the nation — and at a much higher rate, although the share of distressed mortgages was higher going into the crisis.  Contributing to the current high share of distressed mortgages is a longer than average foreclosure processing time in Pennsylvania and New Jersey, which keeps homes in the foreclosure pipeline longer. The share of mortgages at risk of foreclosure has now begun to decline in Philadelphia–the result of four years of modest job growth, fairly stable gains in home prices, and local legislation in 2008 that sharply curtailed foreclosure activity.
  • Administration Programs Are Providing Much Needed Relief to Philadelphia MSA. From the launch of the Administration’s assistance programs in April 2009 through the end of May 2014, more than 151,800 homeowners have received mortgage assistance in the Philadelphia MSA. Nearly 89,000 interventions were completed through the HAMP and FHA loss mitigation intervention programs. An additional 62,800 proprietary mortgage modifications have been made through HOPE Now Alliance servicers. While some homeowners may have received help from more than one program, the number of times assistance has been provided in the Philadelphia metropolitan area is more than four times the number of foreclosures completed during this period (37,300).  In addition, the landmark National Mortgage Servicing Settlement in February 2012 has benefitted more 9,418 Pennsylvania homeowners as of June 30, 2013.
  • HUD’s Neighborhood Stabilization Program Is Funding Community Improvements. The Neighborhood Stabilization Program helps localities work with non-profits and community development corporations to turn abandoned and foreclosed homes that lower property values into homeownership opportunities and the affordable rental housing that communities need. In the Philadelphia MSA, $86.8 million in NSP funds have been awarded to local communities along with an additional $22.4 million which the State of Delaware has sub-allocated to communities in the MSA. The scorecard spotlight describes some of the NSP investments made by the City of Philadelphia.

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HUD’s mission is to create strong, sustainable, inclusive communities and quality
affordable homes for all. HUD is working to strengthen the housing market to
bolster the economy and protect consumers; meet the need for quality affordable
rental homes: utilize housing as a platform for improving quality of life; build
inclusive and sustainable communities free from discrimination; and transform
the way HUD does business. More information about HUD and its programs is
available on the Internet at www.hud.gov and http://espanol.hud.gov.
You can also follow HUD on twitter @HUDGov, on facebook at
www.facebook.com/HUD, or sign up for news alerts on HUD’s Email List. 

About Safeguard 
Safeguard Properties is the largest mortgage field services company in the U.S. Founded in 1990 by Robert Klein and based in Valley View, Ohio, the company inspects and maintains defaulted and foreclosed properties for mortgage servicers, lenders, and other financial institutions. Safeguard employs approximately 1,700 people, in addition to a network of thousands of contractors nationally. Website: www.safeguardproperties.com.

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CHIEF EXECUTIVE OFFICER

Alan Jaffa

Alan Jaffa is the chief executive officer for Safeguard, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to chief operating officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur of the Year® finalist in 2013.

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Chief Operating Officer

Michael Greenbaum

Michael Greenbaum is the chief operating officer for Safeguard. Mike has been instrumental in aligning operations to become more efficient, effective, and compliant with our ever-changing industry requirements. Mike has a proven track record of excellence, partnership and collaboration at Safeguard. Under Mike’s leadership, all operational departments of Safeguard have reviewed, updated and enhanced their business processes to maximize efficiency and improve quality control.

Mike joined Safeguard in July 2010 as vice president of REO and has continued to take on additional duties and responsibilities within the organization, including the role of vice president of operations in 2013 and then COO in 2015.

Mike built his business career in supply-chain management, operations, finance and marketing. He has held senior management and executive positions with Erico, a manufacturing company in Solon, Ohio; Accel, Inc., a packaging company in Lewis Center, Ohio; and McMaster-Carr, an industrial supply company in Aurora, Ohio.

Before entering the business world, Mike served in the U.S. Army, Ordinance Branch, and specialized in supply chain management. He is a distinguished graduate of West Point (U.S. Military Academy), where he majored in quantitative economics.

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CHIEF INFORMATION OFFICER

Sean Reddington

Sean Reddington is the new Chief Information Officer for Safeguard Properties LLC. Sean has over 15+ years of experience in Information Services Management with a strong focus on Product and Application Management. Sean is responsible for Safeguard’s technological direction, including planning, implementation and maintaining all operational systems

Sean has a proven record of accomplishment for increasing operational efficiencies, improving customer service levels, and implementing and maintaining IT initiatives to support successful business processes.  He has provided the vision and dedicated leadership for key technologies for Fortune 100 companies, and nationally recognized consulting firms including enterprise system architecture, security, desktop and database management systems. Sean possesses strong functional and system knowledge of information security, systems and software, contracts management, budgeting, human resources and legal and related regulatory compliance.

Sean joined Safeguard Properties LLC from RenPSG Inc. which is a nationally leading Philintropic Software Platform in the Fintech space. He oversaw the organization’s technological direction including planning, implementing and maintaining the best practices that align with all corporate functions. He also provided day-to-day technology operations, enterprise security, information risk and vulnerability management, audit and compliance, security awareness and training.

Prior to RenPSG, Sean worked for DMI Consulting as a Client Success Director where he guided the delivery in a multibillion-dollar Fortune 500 enterprise client account. He was responsible for all project deliveries in terms of quality, budget and timeliness and led the team to coordinate development and definition of project scope and limitations. Sean also worked for KPMG Consulting in their Microsoft Practice and Technicolor’s Ebusiness Division where he had responsibility for application development, maintenance, and support.

Sean is a graduate of Rutgers University with a Bachelor of Arts and received his Masters in International Business from Central Michigan University. He was also a commissioned officer in the United States Air Force prior to his career in the business world.

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General Counsel and Executive Vice President

Linda Erkkila, Esq.

Linda Erkkila is the general counsel and executive vice president for Safeguard and oversees the legal, human resources, training, and compliance departments. Linda’s responsibilities cover regulatory issues that impact Safeguard’s operations, risk mitigation, enterprise strategic planning, human resources and training initiatives, compliance, litigation and claims management, and mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. Her practice spans over 20 years, and Linda’s experience covers regulatory disclosure, corporate governance compliance, risk assessment, executive compensation, litigation management, and merger and acquisition activity. Her experience at a former Fortune 500 financial institution during the subprime crisis helped develop Linda’s pro-active approach to change management during periods of heightened regulatory scrutiny.

Linda previously served as vice president and attorney for National City Corporation, as securities and corporate governance counsel for Agilysys Inc., and as an associate at Thompson Hine LLP. She earned her JD at Cleveland-Marshall College of Law. Linda holds a degree in economics from Miami University and an MBA. In 2017, Linda was named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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Chief Financial Officer

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard. Joe is responsible for the Control, Quality Assurance, Business Development, Accounting & Information Security departments, and is a Managing Director of SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Joe has been in a wide variety of roles in finance, supply chain management, information systems development, and sales and marketing. His career includes senior positions with McMaster-Carr Supply Company, Newell/Rubbermaid, and Procter and Gamble.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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AVP, High Risk and Investor Compliance

Steve Meyer

Steve Meyer is the assistant vice president of high risk and investor compliance for Safeguard. In this role, Steve is responsible for managing our clients’ conveyance processes, Safeguard’s investor compliance team and developing our working relationships with cities and municipalities around the country. He also works directly with our clients in our many outreach efforts and he represents Safeguard at a number of industry conferences each year.

Steve joined Safeguard in 1998 as manager over the hazard claims team. He was instrumental in the development and creation of policies, procedures and operating protocol. Under Steve’s leadership, the department became one of the largest within Safeguard. In 2002, he assumed responsibility for the newly-formed high risk department, once again building its success. Steve was promoted to director over these two areas in 2007, and he was promoted to assistant vice president in 2012.

Prior to joining Safeguard, Steve spent 10 years within the insurance industry, holding a number of positions including multi-line property adjuster, branch claims supervisor, and multi-line and subrogation/litigation supervisor. Steve is a graduate of Grove City College.

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AVP, Operations

Jennifer Jozity

Jennifer Jozity is the assistant vice president of operations, overseeing inspections, REO and property preservation for Safeguard. Jen ensures quality work is performed in the field and internally, to meet and exceed our clients’ expectations. Jen has demonstrated the ability to deliver consistent results in order audit and order management.  She will build upon these strengths in order to deliver this level of excellence in both REO and property preservation operations.

Jen joined Safeguard in 1997 and was promoted to director of inspections operations in 2009 and assistant vice president of inspections operations in 2012.

She graduated from Cleveland State University with a degree in business.

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AVP, Finance

Jennifer Anspach

Jennifer Anspach is the assistant vice president of finance for Safeguard. She is responsible for the company’s national workforce of approximately 1,000 employees. She manages recruitment strategies, employee relations, training, personnel policies, retention, payroll and benefits programs. Additionally, Jennifer has oversight of the accounts receivable and loss functions formerly within the accounting department.

Jennifer joined the company in April 2009 as a manager of accounting and finance and a year later was promoted to director. She was named AVP of human capital in 2014. Prior to joining Safeguard, she held several management positions at OfficeMax and InkStop in both operations and finance.

Jennifer is a graduate of Youngstown State University. She was named a Crain’s Cleveland Business Archer Award finalist for HR Executive of the Year in 2017.

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AVP, Application Architecture

Rick Moran

Rick Moran is the assistant vice president of application architecture for Safeguard. Rick is responsible for evolving the Safeguard IT systems. He leads the design of Safeguard’s enterprise application architecture. This includes Safeguard’s real-time integration with other systems, vendors and clients; the future upgrade roadmap for systems; and standards designed to meet availability, security, performance and goals.

Rick has been with Safeguard since 2011. During that time, he has led the system upgrades necessary to support Safeguard’s growth. In addition, Rick’s team has designed and implemented several innovative systems.

Prior to joining Safeguard, Rick was director of enterprise architecture at Revol Wireless, a privately held CDMA Wireless provider in Ohio and Indiana, and operated his own consulting firm providing services to the manufacturing, telecommunications, and energy sectors.

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AVP, Technology Infrastructure and Cloud Services

Steve Machovina

Steve Machovina is the assistant vice president of technology infrastructure and cloud services for Safeguard. He is responsible for the overall management and design of Safeguard’s hybrid cloud infrastructure. He manages all technology engineering staff who support data centers, telecommunications, network, servers, storage, service monitoring, and disaster recovery.

Steve joined Safeguard in November 2013 as director of information technology operations.

Prior to joining Safeguard, Steve was vice president of information technology at Revol Wireless, a privately held wireless provider in Ohio and Indiana. He also held management positions with Northcoast PCS and Corecomm Communications, and spent nine years as a Coast Guard officer and pilot.

Steve holds a BBA in management information systems from Kent State University in Ohio and an MBA from Wayne State University in Michigan.

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Assistant Vice president of Application Development

Steve Goberish

Steve Goberish, is the assistant vice president of application development for Safeguard. He is responsible for the maintenance and evolution of Safeguard’s vendor systems ensuring high-availability, security and scalability while advancing the vendor products’ capabilities and enhancing the vendor experience.

Prior to joining Safeguard, Steve was a senior technical architect and development manager at First American Title Insurance, a publicly held title insurance provider based in southern California, in addition to managing and developing applications in multiple sectors from insurance to VOIP.

Steve has a bachelor’s degree from Kent State University in Ohio.